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American Woodmark Corporation$82.50($1.21)(1.45%)

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 American Woodmark Corporation Announces Fourth Quarter Results
   Tuesday, May 30, 2017 6:30:00 AM ET

American Woodmark Corporation (AMWD ) today announced results for its fourth fiscal quarter ended April 30, 2017.

Net sales for the fourth fiscal quarter increased 7% to $258.7 million compared with the same quarter of the prior fiscal year. Net sales for the full fiscal year increased 9% to $1,030.2 million from the comparable period of the prior fiscal year. The Company experienced growth in all channels during the fourth quarter of fiscal year 2017.

Net income was $17.3 million ($1.06 per diluted share) for the fourth quarter of the current fiscal year compared with $13.4 million ($0.81 per diluted share) for the fourth quarter of the prior fiscal year. Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $18.6 million ($1.13 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $14.2 million ($0.86 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2017 was $71.2 million ($4.34 per diluted share) compared with $58.7 million ($3.57 per diluted share) for the same period of the prior fiscal year. Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $72.9 million ($4.45 per diluted share) of net income for the entire current fiscal year compared with $59.5 million ($3.62 per diluted share) for the same period of the prior fiscal year.

Gross profit for the fourth quarter of the current fiscal year was 22.3% of net sales compared with 20.3% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 21.8% of net sales compared with 21.1% for the same period in the prior year. Gross profit in the current quarter and current fiscal year was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the fourth quarter of fiscal year 2017 were 12.1% of net sales compared with 11.1% in the same quarter of the prior year. Selling, general and administrative costs for the entire current fiscal year were 11.3% of net sales compared with 11.2% for the same period in the prior year. The Company’s expense ratio was negatively impacted in the current quarter and fiscal year by corporate business development expenses related to a potential M&A target that we ultimately decided not to pursue.

The Company generated net cash from operating activities of $77.1 million during the current fiscal year compared with $74.6 million during the same period in the prior year. The increase in the Company’s cash from operating activities was driven primarily by higher operating profitability and accrued expenses which was partially offset by higher discretionary contributions to the Company’s pension plans. Net cash used by investing activities was $53.7 million during the current fiscal year compared with $40.8 million during the same period of the prior year due to an increased net investment of $28.3 million in certificates of deposit, which was partially offset by decreased investment in property, plant and equipment. Net cash used by financing activities of $20.8 million increased $11.9 million during the current fiscal year compared to the same period in the prior year as the company reduced long-term debt by $7.2 million and realized a $5.7 million decrease in proceeds from the exercise of stock options. This impact was partially offset by a $3.2 million decrease in repurchases of common stock.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward--looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

AMERICAN WOODMARK CORPORATION
Unaudited Financial Highlights
(in thousands, except share data)
Operating Results
                                               Three Months Ended              Twelve Months Ended
                                               April 30                        April 30
                                               2017            2016            2017              2016
Net Sales                                      $     258,737   $     240,923   $     1,030,248   $     947,045
Cost of Sales & Distribution                   201,166         192,052         805,612           747,351
                       Gross Profit            57,571          48,871          224,636           199,694
Sales & Marketing Expense                      18,851          17,313          70,979            66,489
G&A Expense                                    12,336          9,398           45,419            40,045
                       Operating Income        26,384          22,160          108,238           93,160
Interest & Other (Income) Expense              (378)           1,311           (687)             1,374
Income Tax Expense                             9,414           7,477           37,726            33,063
                       Net Income              $     17,348    $     13,372    $     71,199      $     58,723
Earnings Per Share:
Weighted Average Shares Outstanding - Diluted  16,389,578      16,415,321      16,398,240        16,441,571
Income Per Diluted Share                       $     1.06      $     0.81      $     4.34        $     3.57
Condensed Consolidated Balance Sheet
(Unaudited)
                                                             April 30      April 30
                                                             2017          2016
Cash & Cash Equivalents                                      $   176,978   $   174,463
Investments - certificates of deposit                        51,750        25,750
Customer Receivables                                         63,115        55,813
Inventories                                                  42,859        39,319
Other Current Assets                                         4,526         6,864
                   Total Current Assets                      339,228       302,209
Property, Plant & Equipment                                  107,933       99,332
Investments - certificates of deposit                        20,500        18,250
Other Assets                                                 33,612        46,569
                   Total Assets                              $   501,273   $   466,360
Current Portion - Long-Term Debt                             $   1,598     $   1,574
Accounts Payable & Accrued Expenses                          99,899        90,739
                   Total Current Liabilities                 101,497       92,313
Long-Term Debt                                               15,279        22,145
Other Liabilities                                            32,048        71,141
                   Total Liabilities                         148,824       185,599
Stockholders’ Equity                                         352,449       280,761
                   Total Liabilities & Stockholders’ Equity  $   501,273   $   466,360
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                Twelve Months Ended
                                                April 30
                                                2017           2016
Net Cash Provided by Operating Activities       $    77,080    $    74,604
Net Cash Used by Investing Activities           (53,744)       (40,773)
Net Cash Used by Financing Activities           (20,821)       (8,909)
Net Increase in Cash and Cash Equivalents       2,515          24,922
Cash and Cash Equivalents, Beginning of Period  174,463        149,541
Cash and Cash Equivalents, End of Period        $    176,978   $    174,463

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-resul

SOURCE American Woodmark Corporation

https://rt.prnewswire.com/rt.gif?NewsItemId=CL01940&Transmission_Id=201705300630PR_NEWS_USPR_____CL01940&DateId=20170530



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